Analysts at Morgan Stanley have a $320 price target on the stock, and Dougherty & Co.’s have it at $325. Analysts at Pacific Crest last week started covering Tesla at “buy” and a price target of $316.

Tesla shares rallied following this latest upgrade, and were recently up 5.7% past $260. A close around this level would take Tesla to a record high, supplanting the $254.84 record reached March 4. The stock is up 74% so far this year.

Analysts at Goldman Sachs and J. P. Morgan have two of the few “neutral” rating on Tesla, with Goldman tacking on a price target of $210 and an even lower $170 for J. P. Morgan.

Deutsche Bank changed its tune after Tesla’s post-earnings conference call in late July, the analysts said in a note Monday.

In the call, the company said its growth will be quicker, its mix of vehicles richer, and their costs lower, prompting the Deutsche Bank’s upgrade, the analysts said.

“At this point we see an increasingly clear path to [a rate of annual production of 500,000 cars] by late this decade. And we don’t expect growth to end there, as Tesla is already contemplating opportunities for additional production capacity,” Deutsche said.

The cheaper battery packs that Tesla projects by late 2017 ($150 per kilowatt/hour versus the current $250 per kilowatt hour) is a tough goal but not out of reach, they added.

Achieving this goal would have “profound implications” for Tesla and the overall auto industry as it would imply an “outright” cost advantage for Tesla’s electric car compared with internal combustion competitors.

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